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Active managment – Going beyond the index

The debate over the merits of active and passive investing has been going on for some time. Ivy believes investors can derive the most long-term benefit through exposure to well-researched actively managed funds.

Market Perspectives/ 05.08.20

Looking beyond stock market volatility

Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.

Market trends show long-term investors generally have been rewarded over time. However, periods of extreme volatility can challenge even the most seasoned investors. Ivy believes having a perspective of the markets and the factors affecting them can be helpful in assessing current opportunities.

Navigating the Psychological Toll of COVID-19

Discover practice tips to helping support your clients during the pandemic.

Genlink

A succession plan for the next generation

You’ve spent your career teaching clients the importance of retirement planning and how to protect their assets. But have you considered what will happen to your business when it comes time for you to pass it to the next generation of advisors?

Genlink

Generational happiness

From loyalty to impact and autonomy to experiences discover how each generation defines happiness.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

$11.24NAV as of 6/5/2020

$0.26 / 2.37%Daily NAV Change

Fund Summary

Identifying growth potential in companies of all sizes

Applies a growth-oriented investment philosophy to identify high-quality companies across all market capitalizations.

Invest with conviction

The Fund generally targets between 35-50 stocks, which allows the portfolio managers’ best ideas to have the opportunity to impact performance.

Experience

Portfolio managers have a combined 40+ years of industry experience and more than 15 years of multi-cap experience.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

Portfolio Management

Gus C. Zinn, CFA

— Ivy Investment Management Company

— 1 Years with Fund

— 22 Years in Industry

Gus Zinn is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been coportfolio manager of Ivy Core Equity Fund, Ivy VIP Core Equity and core equity institutional accounts from 2006 to 2018. Mr. Zinn joined the organization in 1998 as an equity investment analyst. He was appointed assistant vice president in 2002. He was named assistant portfolio manager of Ivy Science and Technology Fund and Ivy VIP Science and Technology in 2003. He was appointed vice president in 2004 and senior vice president in 2009. Mr. Zinn graduated from the University of Wisconsin-Madison with a BBA in Finance in 1996 and a Masters in Finance in 1998. He had been affiliated with the Applied Security Analysis Program as one of a group of students selected to manage a $1.9 million portfolio. Mr. Zinn is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

John Bichelmeyer, CFA

— Ivy Investment Management Company

— 1 Years with Fund

— 23 Years in Industry

John Bichelmeyer is co-portfolio manager of Ivy Accumulative Fund, serving as co-portfolio manager since 2018. He had been portfolio manager of the former Ivy Micro Cap Growth Fund and Ivy VIP Micro Cap Growth from 2015 to 2018. Mr. Bichelmeyer joined the organization in 2015 as vice president and portfolio manager. He was appointed senior vice president in 2019. Prior to joining the firm, he was affiliated with Kornitzer Capital Management (KCM) as an equity analyst and portfolio manager from 2005 to 2015. Prior to joining KCM, he was an equity analyst and portfolio manager with Trilogy Global Advisors (formerly BPI Global Asset Management) in Orlando, FL. Mr. Bichelmeyer graduated from Creighton University in 1997 with a BSBA in Finance. Mr. Bichelmeyer is a CFA charterholder. He is a member of the CFA Institute and the CFA Society Kansas City.

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes. If it had,
performance shown would have been lower.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an
investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance does not include the effect of sales charges as Class R shares are not subject to sales charges.

Monthly Rates of Return
Average Annual Total Returns as of 5/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

6.76%

18.81%

N/A

N/A

N/A

12.16%

Russell 3000 Growth TR USD

4.47%

24.99%

16.55%

13.91%

15.76%

-

Morningstar Large Growth

3.72%

20.42%

14.52%

11.70%

14.00%

-

Quarterly Rates of Return
Average Annual Total Returns as of 3/31/2020

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

-14.99%

-5.49%

N/A

N/A

N/A

1.51%

Russell 3000 Growth TR USD

-14.85%

-0.44%

10.54%

9.74%

12.68%

-

Morningstar Large Growth

-15.48%

-3.72%

8.65%

7.64%

10.99%

-

Calendar Year Return

Select Year Range

2015

2016

2017

2018

2019

2010

2011

2012

2013

2014

Class R

-

-

-

-

30.51

-

-

-

-

-

Russell 3000 Growth TR USD

5.09

7.39

29.59

-2.12

35.85

17.64

2.18

15.21

34.23

12.44

Morningstar Ratingsas
of 5/31/2020

Category: Large Growth

Overall out of 1244

★★

3 Year out of 1244

★★

5 Year out of 1084

★★

10 Year out of 814

★★

Ratings are based on risk-adjusted returns.

Morningstar Ranking
through 5/31/2020

Category: Large Growth

Rank

Percentile

1 Year

881 /1353

61

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 10/31/2019

Net

1.49%

Gross

1.49%

Growth of a $10,000 Investment
through 5/31/2020

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 2/26/2018

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 2/26/2018

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 5/31/2020

NAV

0.00%

With Sales Charge

0.00%

Fund Documents

Top 10 Equity Holdings
as a % of net assets as
of 5/31/2020

Microsoft Corp.

Microsoft Corporation is a multinational computer technology corporation that develops, manufactures, licenses and supports a wide range of software products for computing devices.

8.01%

Amazon.com, Inc.

Amazon.com, Inc. operates as an online retailer in North America and internationally.

7.54%

MasterCard, Inc., Class A

MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks.

Facebook, Inc. operates as a social networking company worldwide. It builds various tools that enable users to connect, share, discover, and communicate with each other on mobile devices and computers.

3.86%

Five9, Inc.

Five9 is a pioneer and leading provider of cloud software for contact centers. It focuses on delivering its platform in the cloud and replacing legacy on-premise contact center systems.

3.56%

adidas AG

adidas AG is a Germany-based producer of sportswear and sports equipment, operating globally.

2.87%

Tradeweb Markets, Inc., Class A

2.83%

Ingersoll-Rand, Inc.

2.79%

DexCom, Inc.

DexCom, Inc. is a medical device company focused on the design, development and commercialization of continuous glucose monitoring systems for ambulatory use by people with diabetes and for use by healthcare providers in the hospital for the treatment of both diabetic and non-diabetic patients.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk Factors: The value of the Fund's shares will change, and you could lose money on your investment. Large-capitalization companies may go in and out of favor based on market and economic conditions. Prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. The Fund typically holds a limited number of stocks (generally 35 to 50). As a result, the appreciation or depreciation of any one security held by the Fund may have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The Russell 3000 Growth Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market, with higher growth earning potential as defined by Russell's style methodology. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Effective Feb. 21, 2019, the Fund's benchmark changed from the S&P 500 Index to the Russell 3000 Growth Index. Both the prior and current benchmark indexes will be shown for a period of one year for comparison purposes.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed ServicesCompany, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholderservicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fundfees and expenses and extraordinaryexpenses, if any) as follows: Class I shares at 0.87%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board).

Fee Waiver and/or Expense Reimbursement: Through October 31, 2021, IICO, IDI and/or WISC have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annualordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class Bshares at 2.18%; and Class C shares at 2.03%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through October 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operatingexpenses of the Class N shares and Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class I shares and Class A shares,respectively, as calculated at theend of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Pursuant to an agreement between Ivy Investment Management Company (IICO) and Ivy Variable Insurance Portfolios (the Trust), IICO has voluntarily agreed to waive and/or reimburse sufficient expenses of Ivy VIP Government Money Market to the extent necessary to maintain a yield of not less than zero. There is no guarantee that Ivy VIP Government Money Market will maintain such a yield. IICO may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial professional.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.